Tata Housing raises Rs 300 cr through NCDs
New Delhi: Tata Housing Development Company on Tuesday said it has raised Rs 300 crore through issue of Non- Convertible Debentures (NCDs) and would utilise the funds for the company's further growth.
The issue was subscribed by IDFC and a top mutual fund. The maturity periods of NCDs range from 3-5 years, Tata Housing, a subsidiary of Tata Sons, said in a statement.
"This (funds raised) will act as an impetus for growth and help the company to meet its aggressive expansion plans, catering to premium as well as value end of the market," company's Managing Director and CEO Brotin Banerjee said.
Recently, Tata Housing has raised about Rs 65 crore from US-based Portman Holdings for its luxury project "The Promont" in Bangalore by diluting about 25 percent stake in the project.
The company currently has 60 million sq ft under various stages of planning and execution and an additional 19 million sq ft in the pipeline. It has presence in Mumbai, Lonavala, Talegaon, Pune, Ahmedabad Goa, Gurgaon, Chandigarh, Bengaluru, Chennai, Kolkata and Bhubaneswar.
Tata Housing has projects in Maldives and Sri Lanka as well. "We have an aggressive expansion plan spanning across all customer segments," Banerjee said.